The Paycheck Protection Program (PPP Loan) has been extended and be on the lookout for new Economic Injury Disaster Loan (EIDL) program updates and the opening of the Shuttered Venues Program. I covered some of this in last week’s Carla’s Corner newsletter.
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President Biden Extends The Paycheck Protection Program Until May 31, 2021
On March 31, 2021, President Biden signed the PPP Loan Extension Act extending the program until May 31, 2021. His extension provides some much welcome relief. the program extends until May 31st but the banks have until June 30th to fully fund them.
You can also watch my video about it here.
But Hurry, Upside Financial Predicts That Funding May Run Out By Mid-April
The Greater Baton Rouge Business Report courtesy of Upside Financial reports that the Paycheck Protection Program could run out of money by mid- April. This is a very big deal especially since I am sending you this the first week of April. If you need a PPP Loan then start applying now.
Starting April 6th Economic Injury Disaster Loan (EIDL) Loan Limits Increase From $150K to $500K
This is a very big deal since small businesses during the first round view that $150K was constricting. If your business needs more disaster loan financing then start checking out EIDL loan this Tuesday.
SBA COVID-19 EIDL Program: https://www.sba.gov/funding-programs/loans/covid-19-relief-options/covid-19-economic-injury-disaster-loan
SBA Opens The Shuttered Venues Program April 8, 2021
If you are a concert promoter, artist, art gallery, concert hall, etc. who has been affected by COVID, then the SBA Shuttered Venues Program may be for you. The SBA will start receiving applications this Thursday, April 8, 2021.
Shuttered Venues Program: https://www.sba.gov/funding-programs/loans/covid-19-relief-options/shuttered-venue-operators-grant